Oil prices have risen in early Asian trade on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barreled into Florida.
Brent crude futures rose 37 cents, or 0.5%, to $76.95 a barrel, while the US West Texas Intermediate futures was up 35 cents, also 0.5%, at $73.59 a barrel at 0034 GMT (6:34am BdST) on Thursday (October 10).
The world's largest oil producer and consumer has been hit by a second major storm, Hurricane Milton, which made landfall on Florida's west coast, spawning tornadoes and threatening surges of seawater.
The storm has already driven up demand for gasoline in the state, with about a quarter of fuel stations selling out of supplies, which has helped support crude prices.
Further underpinning prices, investors remained wary of a potential escalation in tensions between Israel and Iran, with Israeli Defence Minister Yoav Gallant promising an Israeli strike against Iran would be "lethal, precise and surprising".
Source: Reuters
